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For Financial statements, they are used to help investors understand a companys performance, to compare amounts in or between financial statements.

On the income statment, review it and stop when it gets to the line net income. Write on the detail or lack of detail provided on the statements of income. As an investor would you find this statement helpful in understanding the companys operations?

Income tax expense on the statement of income is $7,870 (in thousands) for the fiscal year ended January 2, 2021. Estimate the income tax rate (%) paid by the company by dividing this years income tax expense by the Income before income taxes. Is the income tax rate (%) similar in the prior fiscal year?

HIGH LINER FOODS INCORPORATED Consolidated Statement of Financial Position (in thousands of United States dollars) Notes December 31, January 2, 2016 2016 $ 1,043 76 335 6 22 $ 18,252 75.190 3.-83 1,705 252,118 3,340 354,388 7 5,218 6,453 261,771 2,051 332.871 8 17 22 9 111,322 2,290 864 97,176 118,101 329,753 S684,141 115,879 2.495 1,683 102,315 117,824 340,196 $693,067 9 10 11 Assets Current Cash Accounts receivable Income taxes receivable Other financial assets Inventories Prepaid expenses Total current assets Non-current Property, plant and equipment Deferred income taxes Other receivables and miscellaneous assets Intangible assets Goodwill Total non-current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Bank loans Accounts payable and accrued liabilities Provisions Other current financial liabilities Other current liabilities Income taxes payable Current portion of long-term debt Current portion of finance lease obligations Total current liabilities Non-current liabilities Long-term debt Other long-term financial liabilities Other long-term liabilities Long-term finance lease obligations Deferred income taxes Future employee benefits Total non-current liabilities Total liabilities Shareholders' equity Common shares Contributed surplus Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity $ 621 135:272 386 1,626 $ 17,158 120-336 263 817 12 22 416 852 2,242 11,816 13 13 721 139,893 1,015 153,647 13 22 13 266,327 196 888 702 45,183 8,190 321,486 461.379 281,017 89 483 715 46,966 9.631 338,901 492,548 17 14 15 86,094 85,282 14,654 13.999 146,340 125,843 (24:326) (24,605) 222,762 200,519 5684.141 $693,067 HIGH LINER FOODS INCORPORATED Consolidated Statement of Income (in thousands of United States dollars, except per share amounts) Fifty-two weeks ended Notes December 31, January 2, 2016 2016 $ 1,001,507 799,843 201,664 48,037 93,597 $956,016 753,179 202,837 43,610 96,978 2,327 4,787 55,135 14,296 40,839 5 7,473 52,557 16,247 36,310 25 Revenues Cost of sales Gross profit Distribution expenses Selling, general and administrative expenses Impairment of property, plant and equipment Business acquisition, integration and other expenses Results from operating activities Finance costs Income before income taxes Income taxes Current Deferred Total income tax expense Net income Earnings per common share Basic Diluted Weighted average number of shares outstanding Basic Diluted 17 17 8,737 (848) 7,889 $ 32,950 5,707 1,022 6,729 $ 29,581 18 $1.07 $1.06 $0.96 $0.95 18 18 18 30,917,412 31,174,788 30,818,804 31,264,671

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